Reasonable people can disagree on important issues. In fact, a healthy Boardroom discussion requires information to be looked at from multiple points of view with a willingness to challenge assumptions and bias.

Do you ever encounter the situation where one or more Board members are either constantly late or are not turning up on a regular basis (with or without pre-warning)? This is one of the most consistent comments received from CEOs and Board members when governance audits and reviews were conducted.

Competence comes from experience, knowledge, skills, attitudes, values and beliefs. In the case of boards, which are the ultimate decision makers for most organisations, the competencies of directors are particularly important. Indeed, every director requires to exercise reasonable care, diligence and skill in discharging their duties.

Most Boards (and staff) of organisations misidentify and misapply risk as something that needs to be protected against, something to be feared. This mindset towards risk effectively neutralises and denies the possibility that risk can be a great strategic advantage, enabling the unlocking of creative and innovative opportunities.

The interplay between the role of the boards of companies (or other organisations) and the financial performance of these organisations is critical for the success or otherwise of these enterprises and their management.

One of the key governance roles of a Board is to ensure that strategy is approved and regularly monitored, and that the Board consciously oversees the implementation of that strategy. The role of the Board in strategic planning is not to write the strategic plan, but to approve the strategic plan and monitor the implementation of the plan.

Recent business failures have focused the spotlight on Board remuneration committees. At least some of this focus was generated when it became public knowledge that executives of failed companies such as HIH, One.Tel and Ansett enjoyed healthy remuneration packages (and in some cases, performance based incentives) in the period prior to the collapse.